@article{ART002943503},
author={Lee, Sungwon and Chunil Kim and Kyu-hyun Ji},
title={Relationship between False Price Reporting and Market Distortions in Real Estate},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2023},
volume={33},
number={1},
pages={39-56},
doi={10.35136/krer.33.1.3}

TY - JOUR
AU - Lee, Sungwon
AU - Chunil Kim
AU - Kyu-hyun Ji
TI - Relationship between False Price Reporting and Market Distortions in Real Estate
JO - Korea Real Estate Review
PY - 2023
VL - 33
IS - 1
PB - korea real estate research institute
SP - 39
EP - 56
SN - 2092-5395
AB - In Korea, the housing market is undergoing a period of rapid price increases, and a policy to prevent false price reporting is implemented as a stabilization strategy. However, research on the relationship between false price reporting and market distortions in the real estate industry remains lacking. This study aims to empirically estimate whether false reporting of real estate price cause market distortions. Specifically, the prices of canceled trade suspected of false reporting and of normal trade are compared by using the data of Real Estate Trade Management System (RTMS) apartment sales in Seoul, Korea from Feb. 2020 to Dec. 2021. Double-adjustment in Propensity Score Matching is combined with Coarsened Exact Matching to obtain an accurate comparison. For the two groups of prices, pairs with similar attributes such as transaction time, location, apartment area, floor, and building age are matched. Results show no significant price difference between the two groups. False reporting of housing prices may have occurred in the specific period and region with high transaction cancelations, but its effects are negligible and cannot be concluded as a cause of market distortions.
KW - False Real Estate Price Reporting;Housing Market Distortion;Real Estate Trade Management System (RTMS);Housing Price Stabilization Policy
DO - 10.35136/krer.33.1.3
ER -

Lee, Sungwon, Chunil Kim and Kyu-hyun Ji. (2023). Relationship between False Price Reporting and Market Distortions in Real Estate. Korea Real Estate Review, 33(1), 39-56.

Lee, Sungwon, Chunil Kim and Kyu-hyun Ji. 2023, "Relationship between False Price Reporting and Market Distortions in Real Estate", Korea Real Estate Review, vol.33, no.1 pp.39-56. Available from: doi:10.35136/krer.33.1.3

Lee, Sungwon, Chunil Kim, Kyu-hyun Ji "Relationship between False Price Reporting and Market Distortions in Real Estate" Korea Real Estate Review 33.1 pp.39-56 (2023) : 39.

Lee, Sungwon, Chunil Kim, Kyu-hyun Ji. Relationship between False Price Reporting and Market Distortions in Real Estate. 2023; 33(1), 39-56. Available from: doi:10.35136/krer.33.1.3

Lee, Sungwon, Chunil Kim and Kyu-hyun Ji. "Relationship between False Price Reporting and Market Distortions in Real Estate" Korea Real Estate Review 33, no.1 (2023) : 39-56.doi: 10.35136/krer.33.1.3

Lee, Sungwon; Chunil Kim; Kyu-hyun Ji. Relationship between False Price Reporting and Market Distortions in Real Estate. Korea Real Estate Review, 33(1), 39-56. doi: 10.35136/krer.33.1.3

Lee, Sungwon; Chunil Kim; Kyu-hyun Ji. Relationship between False Price Reporting and Market Distortions in Real Estate. Korea Real Estate Review. 2023; 33(1) 39-56. doi: 10.35136/krer.33.1.3

Lee, Sungwon, Chunil Kim, Kyu-hyun Ji. Relationship between False Price Reporting and Market Distortions in Real Estate. 2023; 33(1), 39-56. Available from: doi:10.35136/krer.33.1.3

Lee, Sungwon, Chunil Kim and Kyu-hyun Ji. "Relationship between False Price Reporting and Market Distortions in Real Estate" Korea Real Estate Review 33, no.1 (2023) : 39-56.doi: 10.35136/krer.33.1.3